Azerbaijani State Oil Company discusses financial and economic activity for 9M2020 [PHOTO]

  • Nov 21, 2020
  • AzerNews

By Trend

An online meeting dedicated to the results of the financial and economic activity of the State Oil Company of the Republic of Azerbaijan (SOCAR) for nine months of 2020 was held under the chairmanship of SOCAR President Rovnag Abdullayev, Trend reports referring to SOCAR.

Vice-president of the company for economic issues Suleyman Gasimov delivered a report on economic indicators for nine months.

"Over the past nine months, revenues from sales of manufactured products (excluding trade operations) amounted to 4.1 billion manat ($2.4 billion), of which 2.8 billion manat ($1.6 billion or 68.3 percent) account for the domestic market, 1.3 billion manat ($764 million or 31.7 percent) – for the external market," the report says.

In accordance with the report, revenues from the company's production and services decreased by 863.7 million manat ($508.05 million) or 17 percent compared to the same period of 2019.

"There was an increase in income from the export of products of oil refining sector and petrochemical products while a decrease in income was observed in the export of crude oil and the sale of oil products on the domestic market," the report says.

Gasimov also stressed that as a result of optimization measures, the company's expenses decreased by 1.3 billion manat ($764 million).

(1 USD = 1.7 AZN on Nov. 20)